BNP Paribas Real Estate Investment Management, acting on behalf of South Korean investor Vestas Investment Management, has sold Amazon’s fulfilment centre in Bardon, UK, to Savills Investment Management for £161 mln (€187 mln).
The asset was acquired in 2016 and was the first collaboration between BNP Paribas REIM and Vestas. The partners have since invested over €700 mln in opportunities in the office and logistic sectors across Continental Europe.
The 1,063,206 sq ft (98,755 m2) single-storey facility centre with clear eaves heights of 14 metres has benefited from significant tenant investment, which includes a planned installation of 7,360 solar panels on the roof.
‘We are very pleased to close the first successful investment on behalf of Vestas, who has been a partner of choice for us over the last few years. It demonstrates our group’s capacity to support institutional investors in building out-performing, diversified Core Portfolios in the UK and Continental Europe,’ said Benoit de la Boulaye, head of BNP Paribas REIM UK.
‘The conclusion of this investment with BNP Paribas REIM has delivered a strong performance and we are pleased to work with them as a partner, benefiting from their local knowledge and expertise for our real estate investment programme across Europe,’ says Jedeok Lee, senior manager for Vestas Investment Management.
‘Delivering a transaction of this scale for overseas investors, when travel is severely restricted has presented challenges. However, our divestment strategy was able to take advantage of the strong appetite from global capital for the UK market in general and core long income assets in particular,’ added Jack McCarron, investment director for BNP Paribas REIM UK.
Ashurst and Eastdil Secured acted as advisors to the seller.
